David Einhorn Is Done Shorting Green Mountain Coffee

Hedge fund manager David Einhorn, who runs Greenlight Capital,
has closed out the rest of his famous Green Mountain Coffee short
position, according to an investor letter.

He called it an "ultimately unsuccessful short."

"We closed out a number of positions including the remainder of
our short position in Keurig Green Mountain (GMCR). While it
should be tempting to write an entire book on our experience with
this ultimately unsuccessful short (our average sale was at
$47.59 and our average cover was at $67.02; we had many
opportunities to trade this position to a successful result, but
failed to do so)..." Einhorn wrote in a third-quarter letter to
Greenlight investors.

Einhorn first disclosed his famous Green Mountain short position
in
October 2011 at the Value Investing Congress. His
100-plus slide-deck pointed out questionable accounting methods
and possible limited demand for its K-cup products.

He still stands by his thesis about the company's
accounting.

"As far as we can tell, everything we said about the shenanigans
is unrefuted and accurate. In any case, time ahs passed and these
misdeeds are now dated. The SEC spent four years looking into the
allegations — or, rather, four years passed between when it
opened an investigation and closed it.

Shares of GMCR were last trading down about 0.28% at around
$151.68 per share.